Wednesday 1 February 2023
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Reality Labs

Zuckerberg unfazed about $2.8B metaverse division loss in Q2

Meta’s virtual reality (VR) and metaverse division Reality Labs has posted its seventh straight quarter of losses, but CEO Mark Zuckerberg remains steadfast in investing in the technology, which he calls a “massive opportunity.” During Meta’s Q2 earnings call on Wednesday, Zuckerberg acknowledged that such losses could continue for several more years until VR applications and its metaverse platform are mature enough to tap into the “massive opportunity” worth “hundreds of billions of dollars:” “The Metaverse is a massive opportunity for a number of reasons. I feel even more strongly now that developing these platforms will unlock hundreds of billions of dollars, if not, trillions over time.”“This is obviously a very expensive undertaking over the next several years,” Zuckerberg added, “I’m confident that we’re going to be glad that we played an important role in building this.” The extended stretch of operating losses for Reality Labs was revealed in Meta’s Q2 earnings report earlier ..

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FTC files lawsuit against Meta over attempted monopolization of metaverse

The United States Federal Trade Commission, or FTC, has filed a lawsuit against Meta and CEO Mark Zuckerberg in an attempt to stop the social media giant from “its ultimate goal of owning the entire ‘metaverse.’” In a complaint filed in the Northern District of California on Wednesday, the FTC alleged Meta’s and Zuckerberg’s potential acquisition of virtual reality firm Within and its fitness app Supernatural was illegal, according to U.S. antitrust laws, as well as a way for the social media firm to “buy its way to the top” as opposed to “competing on the merits.” The complaint alleged that under Zuckerberg, Meta was “a potential entrant in the virtual reality dedicated fitness app market” with the resources necessary to develop its own app, but instead chose to own Supernatural by purchasing Within. The move would allegedly hinder “future innovation and competitive rivalry” among companies in the United States. “As Meta fully recognizes, network effects on a digital platform can caus..

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Bitcoin spikes above $22.2K as Fed votes for 75-basis-point rate hike

Bitcoin (BTC) charged above $22,000 on July 27 after the United States Federal Reserve enacted another major interest rate hike. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewFed: "Appropriate" to keep hiking after JulyData from Cointelegraph Markets Pro and TradingView showed BTC/USD reacting positively to confirmation that the Federal Open Markets Committee (FOMC) had unanimously voted to hike the Fed funds rate by 75 basis points. "The Committee seeks to achieve maximum employment and inflation at the rate of 2% over the longer run," a press release stated. "In support of these goals, the Committee decided to raise the target range for the federal funds rate to 2-1/4 to 2-1/2 percent and anticipates that ongoing increases in the target range will be appropriate."Markets had already expected that 75 basis points would be the Fed's next move. Commentators, however, increasingly considered the implications of the central bank's balancing act between taming infla..

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Steven Kokinos shifts to Algorand advisory role as company appoints interim CEO

Blockchain protocol Algorand’s chief executive officer Steven Kokinos has announced he will be leaving his position to focus on projects related to scaling adoption. In a Wednesday Twitter thread, Kokinos said he will be transitioning out of his role as Algorand, where he worked as CEO from October 2018 after leaving software development company Fuze. According to Algorand, Kokinos will stay at the firm as a senior adviser involved in “key projects” until 2023 while former chief operating officer W. Sean Ford will act as interim CEO. "[Kokinos] has been instrumental to the initial success of our business, and we appreciate his commitment to a seamless transition," said Algorand founder Silvio Micali. "Sean is well positioned to partner with me to keep the company operations running business as usual, and to help us transition Algorand to our next phase of growth." The price of Algorand's token (ALGO) did not seem to be affected by the announcement, rising less than 1% in the las..

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Price analysis 7/27: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

United States equities and cryptocurrency markets are heading into the Federal Reserve’s interest rate decision on July 27 on a positive note. This suggests that the market participants believe the Fed will deliver a 75 basis point rate hike, which is in line with market expectations. Some economists expect the Fed to calm the markets by indicating less aggressive rate hikes in the future. Trading firm QCP Capital said that the market reaction has been positive to all the Federal Open Market Committee meetings this year and they expect the same with the latest one as well. Daily cryptocurrency market performance. Source: Coin360Analysts are divided on the next directional move for Bitcoin (BTC). After the event has passed, some expect Bitcoin to turn down from the current level and drop to a new year-to-date low while others expect the recovery to pick up steam. Do the charts support a relief rally or a further fall? Let’s study the charts of the top-10 cryptocurrencies to find out. B..

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